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This crisis has taught us the true cost of doing business with China

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Through the coronavirus crisis, the whole world is learning, the hard way, the true cost of doing business with China.

(...) Harvard economist Carmen Reinhart and two colleagues, Sebastian Horn and Christoph Trebesch, from Germany’s Kiel Institute for the World Economy, spent two years scrubbing previously untapped data sources and found that China had loaned $400 billion to 106 developing and emerging-market countries through 2017 — half of which does not show up in debt-burden data from multilateral organizations and credit-rating agencies. (...)

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